Having received more than 25,00 comments since it issued its request for information (RFI) on exploitative “junk” fees in January, the Consumer Financial Protection Bureau (CFPB) on Friday said it has extended its comment deadline from March 31 to April 11 to garner even more input.
“These fees impede competition by making it difficult for families to shop around based on the actual cost of a product or service,” the bureau said in Friday’s announcement.
The CFPB said it’s looking for input from “stakeholders,” including consumers and small business owners, from across the financial marketplace about their experiences with exploitative junk fees associated with financial products and services, including:
- Fees for things people believed were covered by the baseline price of a product or service
- Unexpected fees for a product or service
- Fees that seemed too high for the purported service
- Fees where it was unclear why they were charged
The bureau said that input received “will help shape the agency’s rulemaking and guidance agenda and enforcement priorities by providing valuable insights into the most pressing needs and concerns, including uncovering potential illegal practices or fees.”
CFPB Extends Opportunity for Public to Provide Input on Junk Fees
Reg lookup: Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services